By Devika Patel
Knoxville, Tenn., May 13 - Lagasco Corp. said it plans a C$2 million non-brokered private placement of subscription receipts.
The company will sell 10 million receipts at C$0.20 apiece.
Each receipt will be automatically converted into one unit of a common share and one half-share warrant. The whole warrants will be exercisable at C$0.35 for one year.
Proceeds will be used for exploration, acquisition, prospecting and evaluation of a second mineral property and general working capital and corporate purposes.
The petroleum and natural gas company is based in Vancouver, B.C.
| Issuer: | Lagasco Corp.
|
| Issue: | Subscription receipts convertible into units of a common share and one half-share warrant
|
| Amount: | C$2 million
|
| Receipts: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | May 13
|
| Stock symbol: | TSX Venture: LCO.H
|
| Stock price: | C$0.25 at close May 12
|
| Market capitalization: | C$9.08 million
|
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